Verint Systems ( VRNT) slid nearly 4% in after-hours trading Monday as the software maker posted disappointing top-line results for the quarter ended Oct. 31. The Melville, NY-based company pulled in only $95.2 million, a 21.6% climb that nonetheless fell short of Wall Street's $96.7 million estimates, according to Thomson Financial. Verint called the results preliminary because of an internal investigation by Comverse Technology, the company's majority shareholder, into Comverse's stock-option grant practices. Verint shares were falling $1.28 to $33.00. ADDvantage Technologies Group ( AEY) took a nosedive on plummeting earnings for the quarter and year ended Sept. 30 that, it says, are partly due to a devastating lack of hurricanes and tornadoes this season. For the quarter, the small Oklahoma-based company, which sells and repairs cable TV equipment, made just $1.3 million, or 5 cents a share, compared with $3.1 million, or 15 cents a share, a year ago. The analyst who follows the company was looking for 19 cents a share. Revenues fell to $12.2 million from $16 million in the year-earlier period, a decline of which $1.1 million was attributed to the dearth in catastrophic storms, which apparently obviated much of the usual need for equipment replacement and repair. The company says $2.6 million of the reduction was due to the selling-off and discontinuation, respectively, of two of its biggest clients. In full-year fiscal 2006, the company earned $4 million, or 39 cents a share, on revenue of $52.5 million. This compares with full-year income of $5 million, or 49 cents a share, on $50.3 million revenue in 2005. The company's analyst had sought full-year earnings of 54 cents a share on revenue of $58.1 million. Shares were losing $1.70, or 41%, to $2.45.
Oil and gas producer Devon Energy ( DVN) rose after it announced that its Mission Deep joint venture, in which it and Anadarko Petroleum ( APC) each have a 50% working interest, encountered a lucrative deepwater oil column in the Gulf of Mexico. A total of over 250 feet of net oil pay (oil that can be pumped) was found in middle-Miocene aged rock -- the prospect's primary objective. The discovery well is under about 7,300 feet of water in the Green Canyon block 955, an area tens of miles south of Louisiana's coastline, and was drilled to a total depth of about 25,000 feet. Stephen Hadden, Devon's senior vice president of exploration and production, says that this latest discovery brings the company's total Gulf prospect inventory -- which includes 15 more prospects in the Miocene inventory and "nearly 20 lower Tertiary prospects" -- to represent "on a net unrisked basis ... up to 7 billion barrels of resource potential." Devon shares were up 81 cents, or 1.1%, to $72.00. Seattle Genetics ( SGEN) gained on news of successful early-phase trials of its antitumor therapy SGN-40, the company's lead product candidate. The biotech said its tests revealed that SGN-40 induced durable objective responses, or long remissions, and is well-tolerated in patients with non-Hodgkin's lymphoma (certain cancers of lymphoid tissues) who have already failed a number of prior therapies. The objective responses were measurable in 16% of patients, and an additional 26% had stable disease at the end of the treatment. Another early-phase trial showed that SGN-40 induced antitumor activity and was well-tolerated in patients with relapsed multiple myeloma (cancer of the plasma cell), as well. Shares were up 15 cents, or 2.5%, to $6.23. Texas Instruments ( TXN) slipped after it announced that, in the face of weak demand for its chips, it will idle some of its factories during the holidays and has accordingly trimmed its financial expectations for the fourth quarter. The Dallas-based chipmaker now expects sales to range between $3.35 billion and $3.5 billion. This falls below analysts' expectations and the midpoint of its own initial guidance, which pegged sales between $3.46 billion and $3.75 billion. Earnings per share will range between 37 cents and 40 cents, TI said, vs. its initial expectation of EPS between 40 cents and 46 cents. Analysts polled by Thomson Financial were looking for 42 cents. Shares were down 11 cents, or 0.4%, to $29.19. Source Interlink ( SORC) dropped on narrowing profits for the quarter ended Oct. 31. The marketing company earned $8.2 million, or 16 cents a share, falling short of estimates by 4 cents a share. This compares with income of $8.8 million, or 17 cents a share, a year ago. Revenue grew to only $475.8 million from $425.9 million in the year-ago period, also missing the $500 million consensus estimate by a sizable margin. Shares were down 44 cents, or 4.9%, to $8.50.